Masdar Consortium Closes $1.1bn Financing Saudi 2GW Solar Project

A consortium led by Abu Dhabi Future Energy Company (Masdar), along with GD Power and Korea Electric Power Corporation, has secured approximately $1.1 billion in financing from eight regional and international banks for the 2-gigawatt Al Sadawi solar photovoltaic project in Saudi Arabia. This project, part of the National Renewable Energy Programme overseen by the Saudi Ministry of Energy, aims to contribute significantly to Saudi Arabia's ambitious goal of achieving 50% renewable energy in its energy mix by 2030. Located in the Eastern Province, Al Sadawi will use advanced technology suited for desert conditions and is expected to generate over six billion kWh annually, powering about 700,000 homes. The project operates on a Build, Own, and Operate basis with a 25-year Power Purchase Agreement with the Saudi Power Procurement Company, targeting commercial operation by early 2027. Al Sadawi represents a major step in Saudi Arabia’s clean energy expansion and supports the country's broader economic diversification and carbon emissions reduction goals. This financing milestone highlights the growing global and regional commitment to giga-scale solar projects and sustainable development in the Gulf region.